Pension Actuarial Consulting Services

The Oklahoma Office of Management and Enterprise Services (OMES) Central Purchasing division is requesting proposals for pension actuarial consulting services on behalf of the Legislative Service Bureau under RFP EV00000974, with proposals due September 14, 2026 at 3 p.m. Central Standard Time. The resulting contract may be designated for use as a statewide contract under 74 O.S. § 85.5(G)(3).

The vendor must serve as Legislative Actuary providing two primary services: preliminary fiscal and non-fiscal certification statements for proposed retirement legislation (due within two weeks of submission, or three working days for amendments), and detailed actuarial investigations upon legislative request analyzing unfunded actuarial accrued liability, annual normal costs, employer contribution rates, and funded-ratio effects (due by December 1, except emergency matters due within one week or three working days). All work product becomes the sole property of the Legislative Service Bureau. The vendor may not subcontract or assign obligations without express written consent.

Mandatory qualifications include membership in the American Academy of Actuaries, fellowship or association status with the Society of Actuaries, or enrollment as an actuary; substantial experience providing actuarial services for large public retirement systems; and a minimum of five consecutive years of actuarial experience immediately preceding the solicitation. Preference is given to firms currently serving or having served within the past three years as actuary of record for public pension systems with assets or membership comparable to or exceeding Oklahoma's retirement plans. Vendors must disclose current contractual arrangements with any Oklahoma-regulated public pension systems and maintain confidentiality of all information.

The contract term is one year with four optional one-year renewals. Price increases are limited to the U.S. Bureau of Labor Statistics Consumer Price Index percentage change, capped at once annually. Bidders must provide hourly rate breakdowns by job description and resource type, and submit three business references. Bid prices must remain firm for 120 days after the due date. Questions are due September 4, 2026. Contracting officer: Luan Pham, Luan.Pham@omes.ok.gov.